Rolex Rings
Mainboard₹731 Cr issue
+38.78%
Listing gain over issue price
Issue size
₹731 Cr
1 lot at cut-off
₹14,400
Lot size
16shares
Open
28 Jul 2021
Close
30 Jul 2021
Allotment
04 Aug 2021
Listing
09 Aug 2021
Listing performance
Issue price
₹900
Listed at
₹1,249
Listing-day close
₹1,167
Latest price
₹155.03
Close on 23 Oct 2026
Listing gain
+38.78%
Return since issue
+72.26%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 Jul 2021 – 30 Jul 2021
- Listing date
- 09 Aug 2021
- Face value
- ₹10 per share
- Issue price
- ₹900 per share
- Lot size
- 16 shares
- Total issue size
- ₹731 Cr
- Market cap at offer price
- ₹2,451 Cr
- Promoter holding
- 58.99% → 57.64% pre-issue → post-issue
- ISIN
- INE645S01024
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Equirus Capital Ltd.
- Registered office
- B/h.Glowtech Steel Private Limited, Gondal Road, Kotharia, Rajkot, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 24,36,666 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 16 shares per lot, in multiples, at ₹900
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 16 | ₹14,400 |
| Retail (max) | 13 | 208 | ₹1,87,200 |
| S-HNI (min) | 14 | 224 | ₹2,01,600 |
| S-HNI (max) | 69 | 1,104 | ₹9,93,600 |
| B-HNI (min) | 70 | 1,120 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
24,36,666
Anchor portion
₹219 Cr
at ₹900 per share
Valuation and performance
Valuation at offer price
₹900 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹2,451 Cr |
About Rolex Rings
Rolex Rings Limited, originally started as a partnership business 'Rolex Industries' in 1977-1978 by promoters Rupesh Dayashankar Madeka and Manesh Dayashankar Madeka, was converted into a joint stock company as Rolex Rings Private Limited in 2003 and became a public limited company in 2021. The company is one of the top five forging companies in India and a key manufacturer of bearing rings, supplying to leading bearing companies, tier-I suppliers to global auto companies and auto OEMs both domestically and internationally across approximately 16 countries. The company manufactures at three units located in Rajkot, Gujarat and generates revenue through the supply of forged and machined bearing rings and automotive components to the automotive industry.
Company Analysis
from RHPRolex Rings Limited is a leading Indian manufacturer and global supplier of hot rolled forged and machined bearing rings and automotive components for passenger vehicles, commercial vehicles, two-wheelers, off-highway vehicles and electric vehicles.
Rolex Rings Limited, originally started as a partnership business 'Rolex Industries' in 1977-1978 by promoters Rupesh Dayashankar Madeka and Manesh Dayashankar Madeka, was converted into a joint stock company as Rolex Rings Private Limited in 2003 and became a public limited company in 2021. The company is one of the top five forging companies in India and a key manufacturer of bearing rings, supplying to leading bearing companies, tier-I suppliers to global auto companies and auto OEMs both domestically and internationally across approximately 16 countries. The company manufactures at three units located in Rajkot, Gujarat and generates revenue through the supply of forged and machined bearing rings and automotive components to the automotive industry.
bearing rings manufacturingautomotive componentsforging
Objects of the Issue
- Funding long-term working capital requirements ₹450 million p.19
- General corporate purposes ₹79.57 million p.19
- Funding long-term working capital requirements ₹450 million p.84
- General corporate purposes ₹79.57 million p.86
- Fresh Issue for general corporate purposes ₹560 million p.280
Issue Structure
- Total Issue
- ₹7,310 million
- Fresh Issue
- 622,222 Equity Shares aggregating to ₹560 million
- Offer for Sale
- 7,500,000 Equity Shares aggregating to ₹6,750 million
- Price Band
- ₹880 to ₹900 per Equity Share
- Lot Size
- 16 Equity Shares (minimum Bid Lot)
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue by manufacturing and supplying hot rolled forged and machined bearing rings and automotive components to bearing manufacturers, tier-I automotive suppliers and original equipment manufacturers. For Fiscal 2021, auto-components sales constituted 41.77% of goods sales; bearing rings and other products constituted the remainder. The company serves both domestic and export markets, with exports representing 56.12% of revenue in Fiscal 2021.
Business Segments
Manufacturing and supply of automotive components for passenger vehicles, commercial vehicles, two-wheelers, off-highway vehicles and electric vehicles
Manufacturing and supply of hot rolled forged and machined bearing rings to bearing manufacturers and tier-I suppliers
Manufacture and supply of hot rolled forged and machined bearing rings for bearing manufacturers
Manufacture and supply of automotive components for vehicles including two-wheelers, passenger vehicles, commercial vehicles, off-highway vehicles, electric vehicles and other segments
Bearing Rings form a critical part of bearings and provide a surface on which the rolling element of bearings ride. The larger ring that goes into a bore is called the outer ring, and the small ring that the shaft rides in is called the inner ring. The company has offered a diverse range of hot forged and machined alloy steel bearing rings weighing from 0.01 kilograms to over 163 kilograms, and with inner diameter of 25 millimeters to outer diameter of 900 millimeters.
The company manufactures a wide range of automotive components including wheel hubs, shafts and spindles, gears, etc. These components are manufactured as per customer specifications and comprise of parts of gear box, among others.
Manufacture and sale of hot forged and machined bearing rings (inner and outer rings) of various sizes and specifications for use in bearings and other applications
Manufacture and sale of automotive components including gearbox parts and other forged and machined components for vehicles
Manufacturing and selling of machined/forged rings and auto components; the company operates as a single business segment with all activities revolving around this main business
SWOT Analysis
Strengths
- • Top five forging company in India with established market position(p.18)
- • Key manufacturer of bearing rings serving most leading Indian bearing companies(p.18)
- • Global customer base with 56% of revenue from international markets(p.29)
- • Supply to marquee OEM and tier-I customers across multiple vehicle segments(p.18)
- • Top five forging company in India with significant installed capacity(p.115)
- • Key supplier to leading bearing companies and auto OEMs in India(p.115)
- • Advanced manufacturing infrastructure with high-capacity equipment(p.115)
- • Long-standing customer relationships with 70% of top 10 customers retained for over a decade(p.115)
- • Diverse product portfolio with wide range of bearing rings and automotive components(p.115)
- • Global presence with customers in 17 countries(p.115)
- • Strategic manufacturing location with access to multiple automotive clusters and ports for exports(p.116)
- • Significant in-house manufacturing capability enabling rapid response to customer requirements without external vendor dependence(p.116)
- • Investments in renewable energy (wind and solar) to mitigate power cost risks(p.116)
- • Long-standing customer relationships with 70% of top 10 customers retained for over a decade(p.116)
- • Recognition and awards from major customers endorsing operational capabilities(p.116)
- • Experienced promoter leadership with 40+ years in industry and strong domain expertise across management(p.116)
- • Significant improvement in financial profile with debt-equity ratio improving from 1.79 to 0.70 times(p.117)
- • Diversified product portfolio and customer base across 17 countries reducing concentration risk(p.116)
- • Top five forging company by installed capacity with diversified product range(p.227)
- • Key manufacturer of bearing rings catering to major Indian bearing companies(p.227)
- • Established long-standing customer relationships with 70% of top 10 customers with decade-plus tenure(p.227)
- • Significant manufacturing infrastructure with 22 forging lines and 528 machining spindles(p.227)
- • Extensive product range and capability serving multiple end-user industries(p.227)
Weaknesses
- • Past default on loan obligations and CDR restructuring in FY2013(p.25)
- • Delayed loan repayments in FY2018 and FY2019(p.30)
- • Heavy dependence on top 10 customers accounting for 72.62% of FY2021 revenue(p.28)
- • Outstanding borrowings of ₹2,494.91 million with restrictive covenants(p.29)
- • Low capacity utilization of 33.48% in forging in FY2021(p.27)
- • Promoter shareholding pledged with lenders as security(p.26)
- • Non-compliance with CSR requirements—89.88% of FY2021 CSR amount unutilized(p.41)
- • High exposure to steel price volatility as raw material comprises 58-60% of cost(p.107)
- • Dependence on limited number of key customers from bearing industry(p.115)
- • Concentrated manufacturing operations in single location - Rajkot(p.115)
- • Revenue decline from prior year with bearing rings revenue down from ₹3,498 crore to ₹3,310 crore(p.115)
- • Significant CDR restrictions limiting operational and financial flexibility until March 2022(p.136)
- • Pledged shareholding of promoters as security under CDR package reducing promoter flexibility(p.137)
- • Low capacity utilization with forging lines at 33.48% utilized in FY 2021(p.123)
- • Significant CSR spending shortfall indicating internal resource constraints(p.127)
- • Group company (Fillenpac) loss-making in all three recent fiscal years(p.161)
- • No formal dividend policy and no dividends declared in recent years(p.163)
- • High leverage with debt-to-equity ratio of 0.70, indicating significant financial obligations(p.226)
- • Exposure to multiple tax disputes and contingent liabilities of INR 140.39 million(p.207)
- • Low machinery utilization rate of 33.48% for forging in Fiscal 2021(p.228)
- • Significant dependence on foreign currency denominated sales with 56.12% of revenue from outside India(p.229)
Opportunities
- • Growing bearing rings market at ₹2,200 crores (18.3% of ₹12,000 crore bearing market)(p.18)
- • Significant import substitution opportunity—only 60% of bearing demand met by domestic production(p.18)
- • Expansion strategy to increase share with existing customers and add new customers globally(p.38)
- • Strong projected growth for bearing industry at 9-11% CAGR during Fiscal 2021-2025(p.109)
- • Bearing component demand expected to grow faster at 10-12% CAGR than overall bearing industry(p.110)
- • Strong double-digit automotive segment growth expected in Fiscal 2022(p.110)
- • Government PLI scheme to drive manufacturing investments and bearing demand(p.109)
- • Localization opportunity as 40% of bearing demand currently met through imports(p.110)
- • Expand share of business among existing customers through broader product portfolio(p.117)
- • Expand customer base leveraging group-level relationships and geographic under-penetration(p.117)
- • Recently secured multi-year long-term agreement with leading Tier-I supplier in Europe at €10 million annual value(p.118)
- • Continue improving operational efficiency through automation and cost optimization(p.118)
- • Enhance manufacturing capabilities and expand into higher-margin machined products(p.118)
- • Expand renewable energy capacity to further de-risk power costs; 16 MW solar facility under development(p.118)
- • Exit CDR scheme in March 2022 providing improved flexibility in capital structure management(p.118)
- • Evaluate entry into cold forging to expand product basket into new segments(p.118)
- • Global supply to diversified end-use industries including electric vehicles and wind turbines(p.227)
- • Expansion through international presence in 17 countries with established customer base(p.227)
- • Strong operational efficiency reflected in 24.38% return on net worth in Fiscal 2021(p.226)
Threats
- • High cyclicality in automotive industry affecting demand for bearing rings(p.26)
- • COVID-19 pandemic causing lockdowns, supply chain disruptions, and demand uncertainty(p.28)
- • Volatility in raw material prices (carbon steel, alloy steel) affecting operating margins(p.35)
- • Exposure to foreign exchange fluctuations with 56% revenue from exports(p.29)
- • Intensive competition from domestic and international players with greater resources(p.39)
- • Potential imposition of trade barriers and tariffs on exports to 16 countries(p.29)
- • Geographical concentration of manufacturing in Rajkot, Gujarat exposed to regional disruptions(p.32)
- • Dependence on state electricity supply with power costs at 8.45% of revenue(p.27)
- • Regulatory compliance risks including safety, health, environmental laws, and licensing(p.32)
- • Bearing industry exposed to cyclical automotive demand volatility(p.109)
- • Global steel price volatility impacts manufacturing cost structure(p.108)
- • Competition from international majors like SKF, Schaeffler and Timken controlling 65% of market(p.105)
- • Regulatory and competitive pressures affecting Indian automotive sector(p.110)
- • Global economic uncertainty and financial market volatility impact bearing demand(p.49)
- • Power and fuel costs are significant operational expense (8.45% of revenue) with dependence on state electricity board tariffs(p.118)
- • Competitive industry with competition on manufacturing infrastructure, quality, cost and delivery capabilities(p.127)
- • Insurance coverage may not be sufficient to cover all losses from business interruption and other hazards(p.127)
- • Regulatory complexity with multiple environmental, labour and industry-specific compliance requirements(p.129)
- • Dependence on continued customer demand and potential loss of major customer relationships(p.117)
- • Significant exposure to foreign exchange fluctuations with 76.78% of working capital facilities in foreign currency(p.229)
- • Intense competition from larger competitors with superior resources and pricing power(p.229)
- • High regulatory compliance costs and changing government regulations affecting operations(p.229)
- • Continued uncertainty from COVID-19 pandemic affecting demand and supply chains(p.229)
- • Risk of machinery malfunction and operational disruption affecting capacity(p.228)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rupesh Dayashankar Madeka | Promoter | 9.46% | — |
| Jiten Dayashankar Madeka | Promoter | 9.46% | — |
| Manesh Dayashankar Madeka | Promoter | 10.35% | — |
| Pinakin Dayashankar Madeka | Promoter | 11.21% | — |
| Bhautik Dayashankar Madeka | Promoter | 8.32% | — |
| Rivendell PE LLC | Selling Shareholder | 41.01% | — |
| Rupesh Dayashankar Madeka | Promoter | 9.46% | 9.25% |
| Manesh Dayashankar Madeka | Promoter | 10.35% | 10.12% |
| Pinakin Dayashankar Madeka | Promoter | 11.21% | 10.95% |
| Bhautik Dayashankar Madeka | Promoter | 8.32% | 8.13% |
| Jiten Dayashankar Madeka | Promoter | 9.46% | 9.25% |
| Rivendell PE LLC | Promoter Group/Selling Shareholder | 41.01% | — |
| Rupesh Dayashankar Madeka | Promoter | — | — |
| Jiten Dayashankar Madeka | Promoter | — | — |
| Manesh Dayashankar Madeka | Promoter | — | — |
| Pinakin Dayashankar Madeka | Promoter | — | — |
| Bhautik Dayashankar Madeka | Promoter | — | — |
| Rupesh D Madeka | Promoter | 8.72% | — |
| Jiten D Madeka | Promoter | 8.72% | — |
| Ashok D Madeka | Promoter | 2.99% | — |
| Manesh D Madeka | Promoter | 9.54% | — |
| Pinakin D Madeka | Promoter | 10.32% | — |
| Bhautik D Madeka | Promoter | 7.66% | — |
| Rivendell PE LLC | Promoter Group | 45.51% | — |
| Rivendell PE LLC | Selling Shareholder | — | — |
| Manesh Madeka | Promoter | — | — |
| Rupesh Madeka | Promoter | — | — |
| Pinakin Madeka | Promoter | — | — |
| Jiten Madeka | Promoter | — | — |
| Bhautik Madeka | Promoter | — | — |
| Rivendell PE LLC | Promoter Group/Investor | — | — |
Leadership
Rupesh Dayashankar Madeka · Promoter
Jiten Dayashankar Madeka · Promoter
Manesh Dayashankar Madeka · Promoter
Pinakin Dayashankar Madeka · Promoter
Bhautik Dayashankar Madeka · Promoter
Hardik Dhimantbhai Gandhi · Company Secretary and Compliance Officer for the Offer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Rolex Rings IPO FAQs
What is the lot size of Rolex Rings IPO?
The minimum lot size of Rolex Rings IPO is 16 shares. One lot costs ₹14,400 at the cut-off price.
When does Rolex Rings IPO open and close?
Rolex Rings IPO opened for subscription on 28 Jul 2021 and closed on 30 Jul 2021.
What is the listing date of Rolex Rings IPO?
Rolex Rings IPO listed on 09 Aug 2021.